TY - JOUR
T1 - Initial Coin Offerings and Entrepreneurial Finance
T2 - The Role of Founders’ Characteristics
AU - An, Jiafu
AU - Duan, Tinghua
AU - Hou, Wenxuan
AU - Xu, Xinyu
PY - 2019/4
Y1 - 2019/4
N2 - Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the Internet. This study tests the effects of disclosure of founders’ background information and founding team’s collective human capital on ICO outcomes. The authors find both the disclosure of founders’ information and founding team’s human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Their results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.
AB - Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the Internet. This study tests the effects of disclosure of founders’ background information and founding team’s collective human capital on ICO outcomes. The authors find both the disclosure of founders’ information and founding team’s human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Their results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.
UR - https://researchportal.port.ac.uk/portal/en/publications/initial-coin-offerings-and-entrepreneurial-finance-the-role-of-founders-characteristics(823de8fc-1c5d-460c-95b3-404dc63a57eb).html
U2 - 10.3905/jai.2019.1.068
DO - 10.3905/jai.2019.1.068
M3 - Article
VL - 21
SP - 26
EP - 40
JO - The Journal of Alternative Investments
JF - The Journal of Alternative Investments
IS - 4
ER -